Roth Conversion, form 5498 and value of all my Traditional IRA

[laulau168]

Why is TT asking me to enter the total value of my traditional IRA for year ending 2024?  They also indicated that I should have gotten a form 5498.  I was never asked this question before.  However, in Dec 2024 I did a Roth Conversion from my Rollover 401K with Vanguard. ( retired 7 years ago and rollover my 401K to them).   I am waiting until I reach my RMD age to withdraw in 5 yrs.    Vanguard indicated to me that I should be getting a form 5498 this coming May for the Roth conversion.  Should I just go ahead and  enter the 12/31 value of my Rollover IRA  with Vanguard (excluding my Roth IRA)?  What is the purpose of this request?

[ThomasM125]

The purpose of the request is to determine the correct taxable portion of your Roth IRA conversion. There is a calculation the program does and a factor in that calculation is the value of your traditional IRA at the end of the year. You should enter the value of your funds in any traditional IRA you have as requested.